Lake Michigan Credit Union

A Red Flag
- mellogirl5 - Tuesday, June 21, 2011 - 1:26 PM

I've been generally satisfied with LMCU. However, one recent negative experience I feel is worth highlighting.

In order to qualify for the "4% Max Checking" - 4% monthly interest return on checking accounts of >$15,000 - one must have at least 10 monthly debit card transactions. My debit card was stolen on the 21st of the month at which point I only had 6 transactions. One rep. told me LMCU's policy was to waive that requirement in the event of a lost/stolen card due to an inability to reach the threshold number (a new card takes 7-10 days to arrive). Then, I was told this is not the case and I must still meet the 10 transaction minimum because a lost/stolen card is "not their error". My noting that a stolen card is also not my error seemed to fall on deaf ears. 

Between the inconsistency in communication on LMCU policy and the apathetic tone of the bank manager, I was sufficiently irritated to post this experience. 

Check Holding Is Applied With Ambiguity
- raphael2012 - Wednesday, June 1, 2011 - 10:26 AM

My business account is with Lake Michigan Credit Union.  The policy of holding checks from my customers for an ambiguous amount of time makes it difficult to avoid overdrafts as my account balance fluctuates as overdraft protection was not made available.  Sometimes the hold is for 2 days, which is acceptable or it may be up to nine days.  The amount of the check does not seem to matter.  It was explained to me that the hold time is up to the teller who is waiting on me.  What seems to be the case is that new tellers who do not recognize me will hold for longer days.  I would not recommend this credit union for small business as they seem to have policies that are not small business friendly. 

Excellent Service And Rates
- Anonymous - Sunday, October 17, 2010 - 8:28 AM

I have been with this bank for over 15 years and it has been my best experience in banking.  I don't live near the bank anymore but I still bank with them.  Direct deposit and online banking make it easy.  They pay the interest every month I have not had any major problems banking here.  I would recommend them to anyone.

Exorbitant Fees And Poor Customer Service
- glvelting - Tuesday, November 29, 2011 - 2:23 PM

I have been with this bank over 10 years and their service continues to decline while their fees continue to climb.

 

No longer a fan!  Potential customers beware!!  Their fees will rake you over the coals and their client service representatives are anything but friendly.

Disorganized And Mediocre Customer Survice.
- jksfhsdkjdfsk - Monday, December 26, 2011 - 11:30 AM

I moved to the Grand Rapids area and needed to transfer my accounts to a local CU.  For my auto loan, faxed documents were lost on 3 occasions cauysing the closing of the loan to take 3 weeks.  My debit card was also "lost" in the mail on their first attempt to send it.  It took over a month to receive the debit card.  Their 24x7 customer service only seems to apply to weekdays.  If you lose your online banking account info, you must call in to the call center to have it reset.  Overall I regret switching, it would have been less hassle to just drive the 2 hours round trip to do business with my old CU.  

ATM Issues
- superflan - Wednesday, September 28, 2011 - 3:55 PM

I am not a member of Lake Michigan CU, but they have an ATM in close proximity to my home. Before Lake Michigan took over that location, it belonged to another credit union. The previous credit union's ATM was a member of the CREDIT UNION CO-OP NETWORK. For some reason, Lake Michigan Credit Union is not. This has proved to be a major inconvenience for me, as I now have to drive out of my way every time I need to use an ATM...because none of the other co-op ATMs are anywhere near where I frequent. It's just annoying, and I'm wondering why a credit union would not be a part of the credit union co-op network. Certainly will not be joining Lake Michigan anytime soon.

Overall Good Experience
- lindsd33 - Sunday, March 13, 2011 - 5:37 PM

I have been with LMCU since 1998 and have been satisfied with their service.  They are sympathetic to extenuating circumstances and have been willing to waive almost all overdraft fees.

Poor Customer Service
- khurley1978 - Monday, March 26, 2012 - 2:51 PM

Just thought people looking for a bank would like to hear this about LMCU.  We have bought two cars and had a line of credit open through lake michigan credit union.  Recently I returned to school and we entered a debt consolidation program.  We completely paid off the car loans with never missing a payment and almost finished the line of credit when we entered the program.  It took a month for LMCU to start recieving payments and apparently they charged late fees and interest on top of this.  We were unaware until recently but every month for a year they have been charging interest and late fees on that gap and now we owe $500.00 in a back payment!  We now owe a total of $830 almost the same although they have been recieving $124 a month from the consolidation agreement.  On top of taking that they have been reporting it to credit agency every month.  They are the only one of the eight creditors we have on our consolidation program and will do nothing to stop the fees and the late reporting.  Shameless robbery of their own clients!

 

Overall Happy
- RunnerMom4 - Friday, January 20, 2012 - 10:15 PM

I have had an over all good exspereance with LMCU. The only complaint that I have is that I am not fond of the format that they have for thier online banking. It is a tad hard to understand.